05 May 2010 14:24 [Source: ICIS news]
LONDON (ICIS news)--Crude prices fell by more than $3/bbl on Wednesday to take Brent crude on ICE Futures close to $82/bbl on the back of the Greek crisis which was pushing the stock markets and the euro down, and bearish weekly US stock data.
The weak stock markets raised concerns of a slowdown in economic activity which could have a negative impact on oil demand. While a weakening euro against the US dollar meant more expensive dollar priced crude.
More downward pressure came from the American Petroleum Institute (API) figures published on 4 May which showed that crude oil inventories rose by more than expected.
Later in the day, the markets will be focusing on the release of the weekly stock figures from the US Energy Information Administration (EIA).
By 13:55 GMT, June Brent crude had hit a low of $82.13/bbl, a loss of $3.54/bbl from the Tuesday close of $85.67/bbl, before recovering to around $82.50/bbl.
At the same time, June NYMEX light sweet crude futures was trading around $79.30/bbl, having hit a low of $79.18/bbl, a loss of $3.56/bbl from the previous close.
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